Central Banks' Record Gold Buying Outruns Crowded Longs

Central banks bought a record 289 tonnes of gold in the second quarter of 2026, the largest single-quarter total on record, even as prices fell from their Q1 highs. That is the fact this whole bull case rests on. Reserve managers were not chasing a rally. They were buying the dip, and the dip they bought sits well below where gold, at $4,382.50 on the December futures contract, trades today. Key Takeaways Central banks bought a record 289 tonnes of gold in Q2 2026, up 62% year over year, even as prices fell from Q1 highs (World Gold Council). China's PBOC has now bought gold for 21 straight months, adding 19.9 tonnes in July, its largest single month since October 2023, with total reserves n…